Posted on: 06th Apr, 2009 05:08 pm
i was hoping someone could give me some advice on my current situation.
i own two properties. i live in one and rent the other. my rental property will be unoccupied starting next month as my tenants did not renew the lease. i only rented out the property trying to buy time until the market start picking up again. but having to worry about this property had cause a lot of stress and health issues. this property is upside down by over 100k and had been refinanced and heloc taken out.
my primary residence is also upside down by $150k. we have not refinanced this home and also have a second mortgage.
to make the long story short, i've been contemplating what my options are and what is the best course of action. option1: status quo - keep my primary home and try to rent out the second home. option2: keep my primary home and try to quicksale or foreclose the rental property. option3: make the rental home my primary home and quick sale or foreclose my primary home. option4: quicksale or foreclose both houses.
i can't afford to keep both especially if i can't get the other house rented. foreclosing and starting over in 8 years have crossed my mind.
i own two properties. i live in one and rent the other. my rental property will be unoccupied starting next month as my tenants did not renew the lease. i only rented out the property trying to buy time until the market start picking up again. but having to worry about this property had cause a lot of stress and health issues. this property is upside down by over 100k and had been refinanced and heloc taken out.
my primary residence is also upside down by $150k. we have not refinanced this home and also have a second mortgage.
to make the long story short, i've been contemplating what my options are and what is the best course of action. option1: status quo - keep my primary home and try to rent out the second home. option2: keep my primary home and try to quicksale or foreclose the rental property. option3: make the rental home my primary home and quick sale or foreclose my primary home. option4: quicksale or foreclose both houses.
i can't afford to keep both especially if i can't get the other house rented. foreclosing and starting over in 8 years have crossed my mind.
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